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Oct 21, 2016

Belize Still Battling with De-Risking; Does International Community Understand?

Joy Grant

Belize continues to stand shoulder to shoulder with its Central American and Caribbean neighbours on tackling the issue of de-risking that is affecting the economies. There has, however, been little progress made despite long months of lobbying. We got an update from Central Bank Governor Joy Grant this morning.

 

Joy Grant, Governor, Central Bank of Belize

“The derisking situation continues, and it’s a very serious situation. You have international organizations, the I.M.F., the I.D.B., F.A.T.F., the Financial Action Task Force, and others all engaged in trying to find an answer to this problem, because that is what it is. We were fortunate to have Crown Agents come into the country and there are several banks that are now using them to clear for foreign exchange transactions, but it is a situation that continues. We in Belize have taken a lead role in meetings, to say that the Caribbean has been the one most affected by de-risking, and Belize in the forefront of trying to find a solution, because we have been really adversely affected. This is not going to be solved any time soon. But I would want to say that I see some very small steps of the international community understanding that if a solution is not found to this problem, what we are doing, we are sending the money underground – the black market is going to blossom; and that is not – I don’t think that’s the intent; nobody wants that to happen.”

 

The Central Bank and all the major banks maintain relations with at least one correspondent bank.

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